China-based autism and speech therapy provider Orient Speech Therapy (OST) has increased its series C funding to $83m with a $60m series C2 round co-led by insurer Taikang Insurance Group, DealStreetAsia has reported.
Singapore state-owned investment firm Temasek co-led the round with Taikang’s Asset Management subsidiary. The series C2 funding follows a $23m series C1 round in February this year led by Cenova Capital that also featured Northern Light Venture Capital and Long Hill Capital.
Founded in 2007, OST offers a range of therapy programmes for children with speech impediments and autism. It operates 45 therapy centres located in cities across China and claims to have helped more than 200,000 children to date.
The company plans to use the funding to expand its network of care centres and cooperate with academic institutions. It also intends to invest in research and development activities for therapist training courses.
Eight Roads Ventures and F-Prime Capital, both of which represent investment and financial services group Fidelity, co-led OST’s $25m series B round in 2017 with Northern Light Venture Capital. The company had closed a series A round of undisclosed size in 2015 that included F-Prime and Eight Roads.